Knowing that YOU will exit your business one day - and you want your business - AND YOURSELF - to be prepared for this – that’s your first #breakthrough.
However, 40% of business owners claim that their business totally depends on them and another 44% are saying it does to a major extend. There are more than 1000 Australian companies exiting every day: selling internally, externally, or simply dissolving. Less than 6% are projected to sell at their terms if they sell at all.
Which brings me to the second breakthrough #2.
Business Exit Breakthrough #2:
The #1 Chokehold in a business is --- the business owner itself!
You probably have heard this question many times before? Are you working IN or ON your business?
The baby boomer generation is the hardest working generation of this century and so many owners are stuck in their business, working many long hours and not ready to let go of their baby. Is your baby, that you cherish so much, of equal interest for future buyers? Is it ready to be transitioned to another owner?
When you are working IN your business you often are caught up in the day-to-day operations that needs urgent attention.
Adrenaline kicks in.
As you feel like you’re the biggest problem solver of the universe – and you are – it feels like the company couldn’t work without you. It’s faster to solve the problems yourself than to allow for your staff to learn and do it without your interference.
This may give you a short-term feeling of gratification, and a sense of importance, however – if you keep running on adrenaline long term, it makes you less productive and you really become the choke hold of your business.
Staff will wait for you to discuss their issues, customers will demand to talk to you to resolve any issues or to get a special deal, suppliers will want to only talk to you, your systems start failing, you start losing revenue and profits.
You may end up walking away from your business as you become unsettled, unfulfilled, stressed, burned out, as that’s what long term adrenaline looks like!
But...
Now that you are aware that YOU will exit your business one day – and realistically this could be any day, and even any day soon – it’s time to start working ON your business. When the opportunity knocks you’ve made sure your business is ready AND you are ready. Sometimes that window of opportunity is very small, and you need to recognize it.
Recognizing that the best thing for your business – and you – is to make it less owner dependent, that’s a great, vital, step towards building company value.
#BusinessExitBreakthroughs #businessvalue #importers #distributors #businessgrowthstrategies #companyvalue